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LIFO - Lower-of-cost-or-market (24 points total, 2 points each). Assume in each case that the selling/commission expenses are $8 per unit and that the normal

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LIFO - Lower-of-cost-or-market (24 points total, 2 points each). Assume in each case that the selling/commission expenses are $8 per unit and that the normal profit is $5 per unit. Calculate the limits for each case. Then enter the $ amount that should be used for lower of cost or market (in each question mark (?)). Selling Upper Lower Cost Lower of Price Limit Replacement Cost Limit Cost of Market a $54 $38 $42 (b) $47 S $36 ? $40 (c) $56 $39 $40 (d) $48 S $42 $40

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